UAE24x7
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021
No Result
View All Result
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021
No Result
View All Result
UAE24x7
No Result
View All Result
Home Business

BAPCO to terminate contracts of hundreds of foreign employees

Safa Shamsudeen by Safa Shamsudeen
June 13, 2020
in Business
0
BAPCO to terminate contracts of hundreds of foreign employees
Share on FacebookShare on Twitter

Abu Dhabi: Bahrain Petroleum Company (BAPCO) is reducing its fixed costs by ending the contracts of hundreds of foreign employees, according to a spokesperson. Bapco will employ more Bahrainis, especially with the refinery expansion project expected to be completed by 2022.

“Job contracts of all employees, who will be made redundant, are close to expiring and some of the employees have reached retirement age and have high wages,” an official stated.

There were reports that 2020 was difficult for Bapco, with negative refining margins continuing like never before. BAPCO then went for various strategic measures to improve the situation. But the coronavirus struck when a relative improvement in refining margins was seen. This caused huge financial losses in the industry and posed a huge challenge to all of BAPCO’s operations.

“We spend more than we earn, which requires the necessity of making difficult decisions to rationalize expenditures to ensure the continuity of Bapco in the future, and to enhance its substantive contributions to the Kingdom,” said an official report. The reform applies only to ex-pat workers which has caused a lot of distress.

“Unfortunately, despite our strenuous efforts, the decision to reduce our fixed costs to make them smaller and more efficient has become imperative and necessary. We feel very sorry that we have to send termination notices to many of our colleagues.”

The BAPCO’s inception in 1929 marked the start of a radical transformation whose impact was felt in Bahrain and across the region. From a country known for its pearl trade, Bahrain became a pioneer in the oil and gas sector and led the change towards an industrial economy.

  • Trending
  • Comments
  • Latest
How to check UAE visa status & validity using only passport

How to check UAE visa status & validity using only passport

September 10, 2021
The most important advice that every tourist should take into account when visiting Dubai

The most important advice that every tourist should take into account when visiting Dubai

July 25, 2020
Procedures for Renewing the Driving License in Abu Dhabi [3 Simple Steps]

Procedures for Renewing the Driving License in Abu Dhabi [3 Simple Steps]

September 21, 2021
The Top & Most Popular Seafood Bucket Restaurants in Dubai for you [Never Miss]

The Top & Most Popular Seafood Bucket Restaurants in Dubai for you [Never Miss]

September 23, 2021
Is classroom education a distant dream now?

Is classroom education a distant dream now?

0
Is classroom education a distant dream now?

Asia’s Biggest Book Market Damaged Beyond Belief!

0

Is earth’s magnetic field weakening creating another nightmare on planet earth?

0

UK’s new twin Nuclear Power Plant is catastrophic: Environmentalists

0
5 Best UAE day trips to escape the city

5 Best UAE day trips to escape the city

September 28, 2022
UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

September 27, 2022
Saudi Arabia plans to send a female astronaut to space in 2023

Saudi Arabia plans to send a female astronaut to space in 2023

September 23, 2022
Get your medical fitness results for visas in under 30 minutes

Get your medical fitness results for visas in under 30 minutes

September 23, 2022
UAE24x7

Menus

  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021

Recent News

5 Best UAE day trips to escape the city

5 Best UAE day trips to escape the city

September 28, 2022
UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

UAE travellers alert: Passengers must declare cash and items worth more than Dh58,000 when visiting Saudi Arabia

September 27, 2022
No Result
View All Result
  • UAE
  • News
  • Entertainment
  • Sports
  • Business
  • Lifestyle
  • Food & Drink
  • Expo 2021

© 2021 UAE24X7